ten reasons why new york - knight frank · 10. a strong economic foundation in the u.s. the...
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Ten Reasons Why New York
1. Dominant Global Financial Centre New York is the financial epicentre of the Western Hemisphere.
In addition to being one of the world’s oldest stock exchanges,
the New York Stock Exchange is the largest – twice as big as
the second-largest exchange, the (also American) NASDAQ.
As surmised by Business Insider UK, “The NYSE and NASDAQ
exchanges are worth a collective $32 trillion in market
capitalisation, making up a sizeable portion of the global equities
market”. New York City remains the largest centre for trading
in public equity and debt capital markets, New York also leads
in hedge fund management; private equity; and the monetary
volume of mergers and acquisitions. Several investment banks
and investment managers headquartered in New York City are
important participants in other financial centres. The New York
Federal Reserve Bank, the largest within the Federal Reserve
System, regulates financial institutions and implements U.S.
monetary policy, which in turn influences the world’s economy.
2. A Global Gateway
With more than 100 airlines providing direct flights to 53 countries,
New York’s JFK airport is the busiest International Air Passenger
gateway into North America. Last year alone, more than 59 million
passengers passed through JFK – add to this the record 62 million
tourists who visited in 2017, and JFK shows no signs of slowing down.
New York also continues to improve its public transport and
infrastructure, with a $4 billion investment into La Guardia airport
and ongoing work to the subway.
3. Global Wealth Centre New York is the leading global hub for wealth. The Knight Frank
City Wealth Index, published in the 2018 Wealth Report,
confirmed that in terms of: the number of wealthy residents;
the volume of inward private property investment; and future
wealth creation prospects New York was the leading global
city in every category.
4. Market Strength & Transparency In addition to easily accessible accurate market data made
available by the US’s public databases and legislative oversight,
New York is also enjoying historically low vacancy rates (well below
5%) throughout the city.
5. No Additional Taxes for Foreign Purchasers Unlike other cities around the world, no cooling measures have
been introduced for foreign buyers.
Foreign buyers can enjoy the same treatment as local residents
during the purchase process with regards to taxation and fees.
It is always advisable to seek professional advice on how best
to structure a purchase overseas.
6. World-Renowned Higher Education Institutions
New York City is home to some of the most prestigious universities
and research centres in the world, including:
• Columbia (Ivy League)
• Cornell (Ivy League)
• New York University
• The New School
• Parsons School of Design
• Fashion Institute of Technology
• School of Visual Arts
• Barnard College
7. Tech/Startup Culture
Driven by innovation and ambitious entrepreneurialism, New
York’s ‘Silicon Alley’ ranks second behind the world-famous Silicon
Valley in the amount of venture capital raised for tech startups.
The number of New York tech jobs has grown by 30 percent in
the last 10 years, twice the rate of overall economic growth in
the city, according to a study from Tech: NYC, which advocates
for the local industry. But New York’s tech scene still has room to
grow. Politicians, keen to brand New York as a major tech hub, are
starting new tech-training programs and welcoming tech giants
to the city. Mayor Bill de Blasio announced funding to double the
number of tech graduates from the City University of New York
system by 2022. (Source: Seattle Times).
8. Culturally Diverse
New York City is a diverse melting pot of cultures, with more than
800 languages spoken there. It’s also home to some of the world’s
best theatres, museums, restaurants and bars, with its 71 Michelin-
starred restaurants second only to Paris. New York’s vast cultural
offering includes Broadway, MoMA, the Natural History Museum,
Whitney, Guggenheim and the Metropolitan Museum of Art.
9. Leading Medical Facilities
New York is the only city in the US with three of the country’s top 20
medical facilities.
• New York-Presbyterian Hospital, New York
• Mount Sinai Hospital, New York
• NYU Langone Medical Center, New York
10. A Strong Economic Foundation in the U.S. The following factors contribute to New York’s strong and
stable economy:
• At just 4%, its unemployment is at its lowest in 18 years
• Its Dow Jones industrial average is near an all-time high at 24,776
(July 10, 2018)
• According to the Wealth Report’s City Wealth Index 2018 – which
explores the four key rankings of wealth, investment, lifestyle and
future – New York is the most important city for HNWIs
• The index’s wealth ranking lists New York as having the largest
number of households earning more than $250,000 per annum
• The index’s lifestyle ranking, takes into account the number of
five-star hotels, average spend per night and the city with the
most top 100 universities
• Over a two-year period to the end of 2017, New York saw
the largest annual average private investment into property
• New York tops the index’s future ranking with the highest
forecast GDP for 2022
If you would like more information on finding the perfect home or investment property, contact us today. We’d love to help you.
STACEY WATSON
Head of US Desk
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CLAIRE LOCKE
Account Manager - US & Germany
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Global Head of Research
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US Residential Sales
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US Sales & Marketing Assistant
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ASTRID RECALDIN
International PR
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